Mortgages

When looking to buy a home, you need to be prepared. In order to have a contract accepted, the seller will require require a Loan Status Report(LSR) from the buyer’s lender. The LSR gives the seller a good idea if prospective buyers will be able to get a loan to buy the property. You should go to a lender and see how much you can qualify for before looking for a home. This will save you time and give you direction to what price range you need to shop in. You should also check your Tri-Merge Credit Report to make sure there are no problems. You can find out more information about that here.

Don't make any major purchases (ex.car, full home furniture on credit) or change jobs (if possible) until after the closing of your property. This may affect your Debt to Income Ratio and cause you a higher interest rate or may even cause you to fail to qualify for the loan.

Remember, KNOWLEDGE IS POWER! Below are links to detailed information about the mortgage process, a glossary of mortgage terms, a mortgage calculator and a couple of loan brokers who have been given very high ratings by my past clients. Remember that you may use any lender that you choose, and be sure to shop around.

ABCs Of Real Estate - REAL ESTATE GLOSSARY

Mortgage Articles & Advice

Need a Purchase loan or refinance? call me, I can help you with your loan at a great rate too!

Mortgage Calculator:

It calculates total payment of principal and interest based on the figures you enter.  A mortgage will also typically include real estate tax, homeowner's insurance and may also include Points. Points are a way to "buy down" the monthly payment of a mortgage, for most people Points are not worth the costs unless you plan to own the property without refinancing for a very long time period. If putting down less than 20% it will also include Mortgage Insurance.

When shopping for a loan, look at the "APR", not the "Interest Rate". The Annual Percent Rate is the actual percent you will really be paying for the loan.
It includes the total of all costs of the loan, and MUST be disclosed by the lender.